ridethepig | OPEC, Oil and everything in-between

A quick chart update here after reaching the 4th wave targets in a retrace;

Buyers now have a definite advantage going into OPEC; an extension of the cuts will be enough to open the position towards $50. But the advantage is only tiny, as we are back at the previous breakdown from our long-term macro charts:

OPEC now need to play the desperation moves with precision and genuine artistry. In my books, a master-stroke from Saudis with Iran noise there in the background incase a diversion is needed to complete the flow.

Thanks as usual for keeping the feedback coming 👍 or 👎

Trade closed: target reached:

Time to take some profits and let the rest run with NFP!

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Comment:

Profit taking underway.. time to take off the risk and lets see if we get a runner.

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Let's see if we can fit in another swing down: